American billionaire Randy Lerner is finally set to take control of Aston Villa after having a £62.6m bid accepted by the club's board. The news means that Doug Ellis's long and unsuccessful spell as Villa chairman has come to an end.

A club statement on the stock exchange said shareholders with a 56.85% stake in Villa had already accepted the offer and the rest should follow suit. Soon afterwards Ellis, 82 - who had held up negotiations with Lerner for three weeks by demanding an honorary role at the club - said his goodbyes.

"It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder," he insisted. "The club has been an enormous and immensely enjoyable part of my life. I wish to thank the many staff at Aston Villa over the years for making the club what it has been and what it is. I am sure that this transaction will be the beginning of a new chapter in Aston Villa's proud history."

The fans, however, will not be sorry to see him go. Ellis has run Villa since 1982 and also had an earlier spell as chairman between 1968 and 1975. In the period he stepped down, the club won the League title and European Cup; when he took over again, they slipped back into mid-table obscurity.

Lerner, 44, who is also owner of the Cleveland Browns NFL team, has promised to make Villa a major force again. "It is my belief and the basis for my bid to acquire Aston Villa that it can compete at the highest level within the Premiership and in Europe," he said. "The club has a rich history and a long tradition of passionate fan support."

Lerner is worth a reported $1.2bn - a fortune built up by his father, Al Lerner, who founded the MBNA credit card company. If his hopes are to be fulfilled, much of that money will need to be invested in the transfer market, and soon.